Metro Vancouver Home Sales Surpass 4,000 For Third Consecutive Month.

It continues to be a competitive spring market for Metro Vancouver home buyers. This competition continues to put upward pressure on home prices, particularly in the detached home market.

The Real Estate Board of Greater Vancouver reports that residential property sales in Metro Vancouver reached 4,056 on the MLS in May 2015. This represents a 23.4% increase compared to sales in May 2014, and a decrease of 2.9% compared to 4,179 sales in April 2015.

Last month's sales were 16.7% above the 10-year sales average for the month.

New listings for detached and apartment properties in Metro Vancouver totalled 5,641 in May. This represents a 5% decrease compared to the 5,936 new listings reported in May 2014.

"While the supply of homes for sale remains below what's typical for this time of the year, our region continues to offer a diverse selection of housing options at different price points. The diversity within the housing stock is part of what's driving today's home sale activity" - REBGV.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $684,400. This represents a 9.4% increase compared to May 2014.

Sales of detached properties in May 2015 reached 1,723, an increase of 18.6% from the 1,453 detached sales in May 2014 and 42.2% increase from May 2013. The benchmark price for detached property in Metro Vancouver increased 14.1% from May 2014 to $1,104,900.

Sales of apartment properties reached 1,600 in May 2015, an increase of 24.4% compared to May 2014, and an increase of 40.8% compared to May 2013. The benchmark price of an apartment property increased 4.6% from May 2014 to $396,900.

Attached property sales in May 2015 totalled 733, an increase of 34% compared to May 204, and a 37.3% increase from May 2014. The benchmark price of an attached unit increased 6.4% between May 2014 and 2015 to $501,000.